486.201 Water power and supply corporations in upper peninsula; incorporators; powers. Sec. 1. That any number of persons may form themselves into a corporation for the purpose of damming any stream or streams, and of excavating and constructing, maintaining, repairing and improving any stream or canal already existing, or which they may wish to excavate […]
486.202 Certificate; contents; recording and filing. Sec. 2. Such persons, under their hands and seals, shall make a certificate which shall specify: First, The name of the corporation; Second, A statement of the amount of capital stock of such company, and the number of shares into which the capital stock shall be divided; Third, The […]
486.203 Body corporate; governing laws. Sec. 3. Upon complying with the provisions of the last preceding section such company shall be a body corporate by the name designated in said certificate, and shall be subject to and governed by all the general provisions relating to corporations embraced in chapter 230 of the Compiled Laws of […]
486.204 Board of directors; members, election, qualifications. Sec. 4. The business and property of such company shall be managed and directed by a board of not less than 3 nor more than 7 directors, who shall be elected annually, and at such time and place as the by-laws of said company may direct. No person […]
486.205 Board of directors; election, notice. Sec. 5. In case it shall happen that an election for directors shall not be held as provided, the said corporation shall not be for that reason dissolved, but such election shall be held on some future day to be fixed by the directors holding over, upon giving the […]
486.206 Board of directors; majority control. Sec. 6. A majority of the directors shall be a board for the transaction of business, and the acts of a majority of the board shall bind the corporation. History: 1905, Act 283, Eff. Sept. 16, 1905 ;– CL 1915, 8925 ;– CL 1929, 11860 ;– CL 1948, 486.206
486.207 Capital stock; subscriptions; increase, procedure. Sec. 7. The directors of any such company may at any time receive subscriptions to stock in said company until the whole amount mentioned in their articles of association shall be subscribed, and whenever in the judgment of the directors, it shall be necessary to increase the capital stock […]
486.208 Capital stock; subscriptions, calling in; sale, procedure, proceeds; purchaser’s rights. Sec. 8. The directors may call in subscriptions to the capital stock of such corporation by installments, in such portions, and at such times and places as they shall deem proper, by giving notice thereof as the by-laws shall prescribe; and in case any […]
486.209 Corporate powers; liabilities and restrictions. Sec. 9. Every such corporation, organized as hereinbefore prescribed, shall have the following powers and be subject to the liabilities and restrictions following, that is to say: First, To cause such examinations and surveys for all proposed improvements, to be made as may be necessary to prepare for the […]
486.210 Power to construct railroad, telegraph and telephone lines; holding of realty. Sec. 10. Said corporation may, in the exercise of its discretion, erect, maintain and operate such railroads as may be necessary for connecting manufacturing establishments situated upon or connected with its premises, or enjoying power privileges from it with any line of railroad […]
486.211 Furnishing and use of water or power; compensation; right to sue and be sued. Sec. 11. Such company may furnish and sell water, water power, electricity or electric power, and any and all other forms of power to other persons or companies for any and all purposes on such terms as shall be agreed […]
486.212 Injury to stream or property; misdemeanor, penalty. Sec. 12. If any person shall wilfully obstruct any stream or waters improved, or in use under the provisions of this act, or any part thereof, or shall wilfully destroy or injure any buildings, piers, dams, fixtures, banks, power lines or other constructions in use by and […]
486.213 Board of directors; annual report, contents. Sec. 13. On or before the first Monday in July in each year it shall be the duty of the directors of every company formed under this act to report to the secretary of state, under the oath of the secretary and at least 2 of the directors, […]
486.214 Realty; purchase, holding, disposal; personal property, disposal. Sec. 14. Each and every corporation formed under this act shall have authority to purchase and hold land in amount not to exceed 3,000 acres adjacent to or within convenient distance of any canal, stream or dam, constructed under the provisions of this act, for the purpose […]
486.215 Stockholder’s liability; recovery prerequisites. Sec. 15. The stockholders of every company organized in pursuance of this act shall be jointly and severally personally liable for the payment of all debts and demands against such association which shall be contracted, or which shall be or shall become due during the time of their owning such […]
486.216 Shares deemed personal property; transfer. Sec. 16. The shares of any company formed under this act shall be deemed personal property, and may be transferred as shall be prescribed by the by-laws of such company. History: 1905, Act 283, Eff. Sept. 16, 1905 ;– CL 1915, 8935 ;– CL 1929, 11870 ;– CL 1948, […]
